How nice do I make it?

[Rik Wallace]

So I just bought a partially rehabbed townhouse. It was purchased 6 months ago as a flip and I assume the investor ran out of money and decided to list it in its current condition, which is not bad at all. As the property sits, I believe it's very rentable. However, I'm stumped on whether to beautify it a little bit to attract the correct tenants and get the most rent possible. My question is, does it pay off to dump a little bit of money on aesthetics such as laminate floors instead of carpet, new cabinets instead of the original working ones from 1969, SS appliances, closet doors? Also, all the electrical outlets and covers are old and off-white when all the trim is bright white. Everything in the property is functional but the things I've mentioned show some wear. Any advice or tips are welcomed and appreciated. Thanks in advance!

[Jim Bear]

Rik, There are great ways to add value to a unit that will lead to higher rents, external storage for an additional monthly charge or not including appliances as part of the rent and rent them for a monthly charge, really being creative with your investments and letting people ala carte their individual rental experience. I have a 4-plex currently and have 6 available parking spaces for those units so I give each unit 1 parking space and then make the other 2 available for additional rent at $25 a month, I only have 1 rented currently but it is an additional $25 with no additional effort. Just make sure to structure your additional perks in the lease agreement and read it with them in detail prior to signing.